Updated Historic
For Sale
$410,000
323 5th St, Cheney, WA 99004
Residential Income, Cheney, WA
Property Size3,008 SF
Lot Size0.17 Acres
Price / SF$136.30
Days on Market233
Property Features for 323 5th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RMF
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bedroom 7, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 6, Bedroom 4
Parking
3
Parking features
Offsite, Alley
Window features
Bay Window(s)
Patio and Porch features
Patio
Interior features
Pantry, In-Law Floorplan
Basement
Partial, Walk-Out Access, Partially Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Subdivision
Cheney
Lot features
Treed, Level, Corner Lot
Elementary school
Betz
Middle school
Cheney
High school
Cheney
Elementary school district
Cheney
Directions
From downtown Spokane, head westbound on I-90, Take exit 270, take highway 904 south, turn right on G St, turn right on 5th st, on your right
Standard status
Active
APN
13132.1005
Size
3,008 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
3815
Utilities
Heating system
Electric (Heating), Forced Air, Ductless (Heating)
Amenities
campus views
mature trees
historic
Building Details
Year built
1895
Floors in Building
2
Number of units
3
Flooring type
Wood
Building materials
Stucco
Roof type
Composition
Listing Agency:
Windermere City Group
(509) 323-2323
Listed By:
Nick Briggs
(509) 979-0553
Added: Feb 2
Changed: Sep 13
Last Checked: Sep 23 at 2:06AM
MLS# 202611651
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This registered historic triplex contains 3,008 square feet on a 0.1722-acre corner lot at 323 5th St in Cheney. Built in 1895, the property includes three separately metered units, wood flooring, forced-air and ductless electric heating, patios, and individual unit access to parking through the alley and offsite areas. Appliances include ranges, dishwashers, refrigerators, washers, and dryers. The property is fully occupied and zoned RMF.
Eastern Washington University is directly across from the property, with views toward campus and Showalter Hall. Downtown Cheney restaurants, bars, and shops are approximately two minutes away. Recent work includes a 2025 composition roof, exterior painting, interior painting, and new LVP flooring. Mature trees and the corner-lot setting complete the site improvements.
Eastern Washington University is directly across from the property, with views toward campus and Showalter Hall. Downtown Cheney restaurants, bars, and shops are approximately two minutes away. Recent work includes a 2025 composition roof, exterior painting, interior painting, and new LVP flooring. Mature trees and the corner-lot setting complete the site improvements.
Key Highlights
- 3,008‑square‑foot registered historic triplex on a 0.1722‑acre corner lot
- Fully occupied property with three separately metered units
- Directly across from Eastern Washington University with campus views
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,386
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$667,720
$667.7K
Cap Rate 7%
$476,943
$476.9K
Cap Rate 9%
$370,956
$371.0K
Market Conditions
NOI Build-Up for 3,008 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.6K $17.16/SF
− Vacancy
−$3.9K −$1.30/SF
EGI
$47.7K $15.86/SF
− OpEx
−$14.3K −$4.76/SF
NOI
$33.4K $11.10/SF
Area
Spokane County, WA
Vacancy
7.60%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$667,720
Cap Rate 7%
$476,943
Cap Rate 9%
$370,956
Alternative Uses
Best Use
Multifamily LT 5
$476.9K
$417.3K – $556.4K
NOI $33,386 @ 7.0% cap · market cap 8.14%
Second Best
Apartment 5plus
$438.3K
$383.6K – $511.4K
NOI $30,684 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$695.1K
$608.2K – $810.9K
NOI $48,655 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 99004, WA
23,064
Population
8,992
Households
2.6
Avg Household Size
29
Median Age
36%
College-Educated
93%
High-School Grad
334.3 sq mi
ZIP Area
69
Density / Sq Mi
$62,014
Median Household Income
$29,835
Median Earnings
$1,081
Median Rent
$368,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied three-unit property with separate meters and recent improvements across from Eastern Washington University.
Where is this triplex located?
The property is located at 323 5th St Cheney, WA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: 3,008‑square‑foot registered historic triplex on a 0.1722‑acre corner lot; Fully occupied property with three separately metered units; Directly across from Eastern Washington University with campus views
